Suncor Energy Inc. operates as an integrated energy company in Canada and internationally. It operates through Oil Sands; Exploration and Production; and Refining and Marketing segments. The Oil Sands segment explores, develops, and produces bitumen, synthetic crude oil, and related products. This segment also engages in syncrude oil sands mining and upgrading operations; and marketing, supply, transportation, and risk management of crude oil, natural gas, power, and byproducts. The Exploration and Production segment is involved in offshore operations in the East Coast of Canada. The Refining and Marketing segment refines crude oil and petrochemical products; and markets, transports, and manages refined and petrochemical products, and other purchased products through the retail and wholesale networks. This segment also involved in trading of crude oil, natural gas, and power. The company was formerly known as Suncor Inc. and changed its name to Suncor Energy Inc. in April 1997. Suncor Energy Inc. was founded in 1917 and is headquartered in Calgary, Canada.

Suncor Energy Inc.

Investors should note that 2026 is shaping up as a pivotal year for Chevron Corporation (CVX) and Suncor Energy (SU). Both companies have outlined detailed operational plans and capital priorities that will define their financial and strategic trajectories. For investors weighing these two integrated Oil/Energy names, the matchup comes down to growth momentum, cash-flow predictability, capital efficiency and exposure to commodity-price swings.
Below is a comparison designed to help investors navigate these differences.
The Case for Chevron Stock
Chevron’s 2026 plan is anchored by a series of major upstream catalysts. The Tengizchevroil (TCO) expansion is expected to operate at full production rates, contributing meaningful volumes and cash flow. Gulf of America deepwater projects continue to ramp up, and management has highlighted that the Permian Basin is on track to reach 1 million barrels of oil equivalent per day, marking a key milestone for the portfolio. The completed Hess integration adds scale and improves long-term cash-generation potential, supported by roughly $1.5 billion in targeted synergies.
These catalysts feed directly into Chevron’s outlook for strong free-cash-flow growth. The company expects about $12.5 billion of additional annual free cash flow by 2026, supported by disciplined capital spending and a resilient asset base.
Chevron is targeting $3 to $4 billion in structural cost reductions, with more than 60% expected from efficiency gains. The Hess transaction also drives meaningful operating-cost improvements. Together, these initiatives enhance unit economics across Chevron’s global portfolio.
Chevron maintains one of the most consistent shareholder-return frameworks in the sector, prioritizing steady dividend growth and flexible buybacks. Management plans to repurchase $10 to $20 billion in shares annually, adjusted for commodity prices.
Chevron’s diversified asset base across North America, Asia and Africa reduces exposure to any single market or commodity stream. Low-breakeven barrels and a strong balance sheet support durability in downcycles.
The Case for Suncor Stock
Suncor’s structural advantage lies in its very low corporate decline rate and the stability of its long-life oil sands assets. Mining and upgrading operations show near-zero decline, and the company has combined this with record reliability across the upstream and downstream network. In 2024, utilization hit record highs across multiple assets, and refinery utilization has recently averaged 101% to 102%, underscoring sustained operational execution.
Suncor’s business model supports predictable free-funds-flow generation even in mid-$60 WTI environments. Its 2026 plan maintains this stability by combining disciplined sustaining capital with targeted economic investments, including in situ well pads, Fort Hills development and downstream optimization.
Suncor approaches efficiency from a different angle, emphasizing operational turnaround performance and breakeven reductions. Management has executed best-ever turnaround durations at multiple assets, lowered its WTI breakeven by $7 per barrel in 2024, and now operates at cost levels that are better than many peers. Its 2026 plan continues this momentum with targeted investments to improve flexibility and durability across the oil sands network.
Suncor’s capital-return strategy is more assertive. With net debt already at its C$8 billion target, the company has shifted to returning at or near 100% of excess funds to its shareholders. This includes both buybacks and a dividend targeted to grow 3-5% annually. Suncor’s track record of high retail and downstream margins helps reinforce the reliability of these returns.
Suncor is more concentrated in oil sands, which ties performance more tightly to heavy-oil differentials and refining-market strength. However, its cash flow sensitivities remain manageable, and its integrated network of mining, in situ, and downstream assets helps cushion price volatility.
Price Performance
Year-to-date price action favors Suncor, with SU shares up 24.2%, significantly outperforming Chevron’s 4.1% gain. This divergence reflects improving sentiment around Suncor’s operational execution and capital-return profile, while Chevron’s performance has been tempered by recent estimate revisions and a more measured production ramp. For momentum-focused investors, Suncor currently holds the edge.
Image Source: Zacks Investment Research
Valuation Comparison
From a valuation standpoint, Suncor also screens more attractively. On a forward 12-month price-to-earnings basis, Chevron trades at roughly 19X, while Suncor trades just above 16X. For value-oriented investors, this multiple gap makes Suncor comparatively appealing.
Image Source: Zacks Investment Research
EPS Estimates
Earnings estimate momentum provides another differentiator. On this front as well, Suncor currently holds a relative advantage.
Over the past week, the Zacks Consensus Estimates for Chevron’s 2025 and 2026 EPS have moved lower, reflecting near-term uncertainties around integration timing, capital spend and commodity sensitivities.
Image Source: Zacks Investment Research
On the other hand, Suncor’s EPS estimates have remained unchanged, highlighting greater stability in expected results as the company enters 2026 with improving reliability and a low-decline production base.
Image Source: Zacks Investment Research
While both Chevron and Suncor maintain a Zacks Rank #3 (Hold), the near-term setup tilts in Suncor’s favor. The company’s stronger YTD stock performance, more attractive valuation and steadier earnings estimates complement its structural advantages, namely low decline rates, record reliability and robust free-funds-flow durability heading into 2026.
Chevron still offers compelling long-term attributes, including global diversification, major project catalysts and consistent shareholder returns. However, recent estimate revisions and a premium valuation temper its relative appeal in the current environment.
Investors seeking value, operational stability and higher capital returns may find Suncor better positioned at this stage of the cycle, while Chevron remains a dependable choice for those prioritizing diversification and long-duration growth drivers.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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CVX vs. SU: Which 2026 Plan Offers Better Upside for Investors

The following are the top rated Energy stocks according to Validea's Low PE Investor model based on the published strategy of John Neff. This strategy looks for firms with persistent earnings growth that trade at a discount relative to their earnings growth and dividend yield.
CENOVUS ENERGY INC (US) (CVE) is a large-cap value stock in the Oil & Gas Operations industry. The rating according to our strategy based on John Neff is 79% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Cenovus Energy Inc. is a Canada-based integrated energy company. The Company has oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The Company's segments include Upstream, Downstream, and Corporate and Eliminations. Its Upstream segment includes Oil Sands, Conventional, and Offshore. Its Downstream segment consists of Canadian Manufacturing and the United States Manufacturing. The Company's upstream operations include oil sands projects in northern Alberta, thermal and conventional crude oil, natural gas and natural gas liquids (NGLs) projects across Western Canada, crude oil production offshore Newfoundland and Labrador and natural gas and NGLs production offshore China and Indonesia. The Company's downstream operations include upgrading and refining operations in Canada and the United States, and commercial fuel operations across Canada.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of CENOVUS ENERGY INC (US)
MAGNOLIA OIL & GAS CORP (MGY) is a mid-cap value stock in the Oil & Gas Operations industry. The rating according to our strategy based on John Neff is 79% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Magnolia Oil & Gas Corporation is an oil and gas exploration and production company with operations primarily in South Texas in the core of the Eagle Ford Shale and Austin Chalk formations. The Companys oil and natural gas properties are located primarily in the Karnes and Giddings areas in South Texas. Its assets consist of a total leasehold position of approximately 817,907 gross (604,057 net) acres, including 79,067 gross (54,936 net) acres in the Karnes area and 738,840 gross (549,121 net) acres in the Giddings area. The Giddings area is comprised of oil and natural gas assets primarily located in Brazos, Burleson, Fayette, Grimes, Lee, Milam, Robertson, and Washington Counties, Texas. The Karnes area is comprised of oil and natural gas assets primarily located in Karnes, Dimmit, Gonzales, and Zavala Counties, Texas, in the core of the Eagle Ford Shale. The acreage comprising the Karnes area also includes the Austin Chalk formation overlying the Eagle Ford Shale.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of MAGNOLIA OIL & GAS CORP
DT MIDSTREAM INC (DTM) is a large-cap growth stock in the Natural Gas Utilities industry. The rating according to our strategy based on John Neff is 62% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: DT Midstream, Inc. is an owner, operator, and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment, and surface facilities. The Company transports clean natural gas for utilities, power plants, marketers, large industrial customers, and energy producers. Its segments include Pipeline and Gathering. The Pipeline segment owns and operates interstate and intrastate natural gas pipelines, storage systems, and natural gas gathering lateral pipelines. It also has interests in equity method investees that own and operate interstate natural gas pipelines. The segment is engaged in the transportation and storage of natural gas for intermediate and end user customers. The Gathering segment owns and operates gas gathering systems. The segment is engaged in collecting natural gas from points at or near customers wells for delivery to plants for treating, to gathering pipelines for further gathering, or to pipelines for transportation.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of DT MIDSTREAM INC
PHILLIPS 66 (PSX) is a large-cap growth stock in the Oil & Gas Operations industry. The rating according to our strategy based on John Neff is 60% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Phillips 66 is a diversified and integrated downstream energy provider that manufactures, transports and markets products. The Company's Midstream segment provides crude oil and refined petroleum product transportation, terminating and processing services, as well as natural gas and natural gas liquids (NGL) transportation, storage, fractionation, gathering, processing and marketing services. Its Chemicals segment consists of its 50% equity investment in Chevron Phillips Chemical Company LLC, which manufactures and markets petrochemicals and plastics on a worldwide basis. Its Refining segment refines crude oil and other feedstocks into petroleum products, such as gasoline, distillates, including aviation fuels. Its Marketing and Specialties segment purchases for resale and markets refined products, mainly in the United States and Europe. Its Renewable Fuels segment processes renewable feedstocks into renewable products at the Rodeo Renewable Energy Complex and at its Humber Refinery.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of PHILLIPS 66
SUNCOR ENERGY INC (USA) (SU) is a large-cap value stock in the Oil & Gas Operations industry. The rating according to our strategy based on John Neff is 60% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Suncor Energy Inc. is a Canada-based integrated energy company. The Company's segments include Oil Sands, Exploration and Production (E&P), and Refining and Marketing. Its operations include oil sands development, production and upgrading; offshore oil production; petroleum refining in Canada and the United States; and the Companys Petro-Canada retail and wholesale distribution networks (including Canadas Electric Highway, a coast-to-coast network of fast-charging electric vehicle (EV) stations). The Company is developing petroleum resources while advancing the transition to a lower-emissions future through investments in lower-emissions intensity power, renewable feedstock fuels and projects targeting emissions intensity. The Company also conducts energy trading activities focused primarily on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. It also wholly owns the Fort Hills Project, which is located in Alberta's Athabasca region.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of SUNCOR ENERGY INC (USA)
About John Neff: While known as the manager with whom many top managers entrusted their own money, Neff was far from the smooth-talking, high-profile Wall Streeter you might expect. He was mild-mannered and low-key, and the same might be said of the Windsor Fund that he managed for more than three decades. In fact, Neff himself described the fund as "relatively prosaic, dull, [and] conservative." There was nothing dull about his results, however. From 1964 to 1995, Neff guided Windsor to a 13.7 percent average annual return, easily outpacing the S&P 500's 10.6 percent return during that time. That 3.1 percentage point difference is huge over time -- a $10,000 investment in Windsor (with dividends reinvested) at the start of Neff's tenure would have ended up as more than $564,000 by the time he retired, more than twice what the same investment in the S&P would have yielded (about $233,000). Considering the length of his tenure, that track record may be the best ever for a manager of such a large fund.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Validea's Top Energy Stocks Based On John Neff - 11/16/2025

Diamondback Energy, Inc. FANG reported third-quarter 2025 adjusted earnings per share (EPS) of $3.08, which beat the Zacks Consensus Estimate of $2.85. The outperformance was primarily driven by higher-than-expected production and lower cash operating costs. However, the company’s bottom line declined from the year-ago adjusted profit of $3.38, mainly due to an 11.7% decrease in the average realized oil price.
Meanwhile, revenues of $3.9 billion rose 48.4% from the year-ago quarter’s sales and topped the Zacks Consensus Estimate by 13.4%.
Diamondback Energy, Inc. Price, Consensus and EPS Surprise
During the quarter, Viper Energy, a subsidiary of Diamondback Energy, closed the acquisition of Sitio Royalties Corp.
During the third quarter of 2025, FANG returned a total of $892 million to its shareholders, representing approximately 50% of its adjusted free cash flow. This return of capital was comprised of share repurchases and the declared base cash dividend.
The Midland, TX-based oil and gas exploration and production company’s board of directors also declared a quarterly cash dividend of $1 per share to its common shareholders of record as of Oct. 31, 2025. The payout will be made on Nov. 20.
In terms of share repurchases, Diamondback Energy bought back 4,286,080 shares of common stock during the third quarter for $603 million, excluding excise tax, at a weighted average price of $140.70 per share.
Furthermore, the company repurchased $203 million in principal amount of its outstanding senior notes maturing in 2051 and 2052. These were acquired at an average price of 82.3% of par, amounting to a total cost of approximately $167 million.
FANG’s Q3 Production & Realized Prices
FANG’s production of oil and natural gas averaged 942,946 barrels of oil equivalent per day (BOE/d), comprising 53% oil. The figure was up 65% from the year-ago quarter and beat our estimate of 904,988.8 BOE/d. While crude and natural gas output increased 57% and 73.4% year over year, respectively, natural gas liquids volumes surged 77.7%.
The average realized oil price during the quarter was $64.60 per barrel, 11.7% lower than the year-ago realization of $73.13. However, the figure beat our estimate of $54.94 per barrel. Meanwhile, the average realized natural gas price surged to 75 cents per thousand cubic feet from negative 26 cents in the prior year. The figure was below our estimate of 87 cents. Overall, the upstream oil and gas company fetched $39.73 per barrel compared with $44.80 a year ago.
FANG’s Costs & Financial Position
Diamondback Energy’s third-quarter cash operating cost was $10.05 per BOE compared with $11.49 in the prior-year quarter and our estimate of $10.76. The drop in costs compared with the year-ago period reflected a decrease in lease operating expenses to $5.65 per BOE from $6.01 in the third quarter of 2024.
Further, FANG’s gathering, processing and transportation expenses fell 27.3% year over year to $1.41 per BOE, while cash G&A expenses fell in the third quarter of 2025 to 55 cents from 63 cents during the corresponding period of 2024. Moreover, production and ad valorem taxes also fell 16.2% year over year to $2.44 per BOE.
Diamondback Energy logged $774 million in capital expenditure — spending $632 million on drilling and completion, $48 million on infrastructure and environment and $94 million on capital workovers. The company booked $1.8 billion in adjusted free cash flow in the third quarter.
As of Sept. 30, the Permian-focused operator had approximately $159 million in cash and cash equivalents and $15.9 billion in long-term debt, representing a debt-to-capitalization of 25.8%.
FANG’s Q4 & 2025 Guidance
Diamondback Energy increases its full-year 2025 oil production guidance to 495-498 thousand barrels of oil per day (MBO/d). The company anticipates its annual BOE will increase to a range of 910-920 thousand barrels of oil equivalent per day (MBOE/d). In terms of capital expenditures, it expects to lower its full-year cash capital expenditures to a range of $3.45 billion to $3.55 billion. In 2025, Diamondback Energy expects to drill 445-465 gross (412-430 net) wells and complete between 510 and 520 gross (471-481 net) wells.
For the fourth quarter of 2025, this Zacks Rank #3 (Hold) company expects oil production to be 505-515 MBO/d and cash capital expenditures to be between $875 million and $975 million.
Important Energy Earnings at a Glance
While we have discussed FANG’s third-quarter results in detail, let us take a look at three other key reports in this space.
Alberta-based integrated energy company Suncor Energy Inc. SU reported third-quarter 2025 adjusted operating earnings of $1.07 per share, which beat the Zacks Consensus Estimate of 85 cents. This outperformance can be attributed to strong production growth in its upstream segment. However, the bottom line declined marginally from the year-ago quarter’s reported figure of $1.08 due to lower upstream price realizations.
Operating revenues of $9.2 billion beat the Zacks Consensus Estimate by 11.1%, primarily driven by increased sales volumes in both the upstream and downstream segments. However, the top line decreased approximately 3.9% year over year.
As of Sept. 30, 2025, Suncor Energy had cash and cash equivalents of C$2.9 billion and long-term debt of C$8.6 billion. Its debt-to-capitalization was 16%.
The Denver, CO-based oil and gas exploration and production company, Ovintiv Inc. OVV, reported third-quarter 2025 adjusted earnings per share of $1.03, which beat the Zacks Consensus Estimate of 97 cents. The outperformance was driven by higher plant condensate production volumes and higher average realized natural gas prices. However, the bottom line decreased from the year-ago level of $1.85.
OVV’s total revenues of $2.1 billion decreased 11% from the year-ago quarter’s figure, driven by lower oil production volumes and lower average realized oil and plant condensate prices. However, the top line beat the Zacks Consensus Estimate by 6.1%.
As of Sept. 30, the company had cash and cash equivalents worth $25 million and long-term debt of $4.4 billion. Its debt-to-capitalization was 30%.
The Calgary-based integrated oil and gas company, Imperial Oil Limited IMO, reported third-quarter 2025 adjusted earnings per share of $1.57, which beat the Zacks Consensus Estimate of $1.44. However, the bottom line decreased from the year-ago quarter’s $1.71. This decrease was due to lower upstream price realizations, partly offset by higher production volumes.
Revenues of $8.8 billion missed the Zacks Consensus Estimate of $11.1 billion. The top line also decreased from the year-ago quarter’s level of $9.7 billion due to weak performance in both the Upstream and Downstream segments.
As of Sept. 30, Imperial Oil had cash and cash equivalents of C$1.9 billion. Total debt of the company amounted to C$4 billion, with a debt-to-capitalization of 14.4%.
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Diamondback Energy Q3 Earnings Beat Estimates, Revenues Rise Y/Y

Suncor Energy Inc. SU reported third-quarter 2025 adjusted operating earnings of $1.07 per share, which beat the Zacks Consensus Estimate of 85 cents. This outperformance can be attributed to strong production growth in its upstream segment. However, the bottom line declined marginally from the year-ago quarter’s reported figure of $1.08 due to lower upstream price realizations.
Operating revenues of $9.2 billion beat the Zacks Consensus Estimate by 11.1%, primarily driven by increased sales volumes in both the upstream and downstream segments. However, the top line decreased approximately 3.9% year over year.
Suncor Energy Inc. Price, Consensus and EPS Surprise
Suncor Energy’s board of directors declared a quarterly dividend of 60 Canadian cents per share for its common shareholders of record as of Dec. 3, 2025. The payout, which represents about a 5% increase from the previous quarter, will be made on Dec. 24.
During the quarter, the Alberta-based integrated energy company distributed a total of C$1.4 billion to its shareholders, including C$750 million in share repurchases and C$700 million in dividends. It generated C$3.8 billion in adjusted funds from operations and C$2.3 billion in free cash flow.
In the quarter under discussion, SU achieved a record upstream production of 870,000 barrels per day (bbls/d). It also achieved record refining throughput, totaling 492,000 bbls/d with refinery utilization at 106%. The company recorded the refined product sales of 647,000 bbls/d, increasing from the prior-year sales of 612,300 bbls/d.
Q3 Segmental Performance of SU
Upstream: The company recorded a total production of 870,000 in this segment, an increase of about 5% year over year from 828,600 bbls/d. Moreover, the figure beat the consensus estimate of 850,000 bbls/d.
In the third quarter of 2025, total oil sands bitumen production increased to 958,300 bbls/d compared with 909,600 bbls/d in the previous-year quarter. This growth was primarily fueled by record output at Fort Hills and Firebag.
SU’s E&P volume (international, offshore and natural gas) increased 9.9% to 57,800 bbls/d from 52,600 bbls/d in the year-ago quarter, driven by increased production at Hebron and the addition of production at White Rose, which restarted in the first quarter of 2025. Additionally, the figure beat the consensus estimate of 56,000 bbls/d.
Operating earnings totaled C$1.8 billion, indicating a 4.3% decrease from the year-ago quarter’s C$1.9 billion due to lower upstream price realizations.
Operating costs from Oil Sands operations decreased to C$24.85 per barrel from C$25.75 in the corresponding period of 2024. This decrease was mainly backed by an increase in production volumes, decreased mining costs related to fleet productivity improvements and also an increase in power sales volumes. Total oil sands production rose to 812,200 bbls/d in the third quarter of 2025, up from 776,000 bbls/d in the previous year. Moreover, the figure beat the consensus estimate of 791,000 bbls/d.
Non-upgraded bitumen production rose to 268,100 bbls/d from 262,200 bbls/d in the previous year. However, the figure missed the consensus estimate of 306,000 bbls/d. Net SCO and diesel production increased to 544,100 bbls/d from 513,800 bbls/d a year earlier. Additionally, the number beat the consensus estimate of 485,000 bbls/d.
Fort Hills reported an average third-quarter volume of 184,100 barrels per day (bpd), higher than the year-ago quarter’s level of 166,000 bpd. However, the figure was in line with the consensus estimate of 184,000 bpd. The Fort Hills cash operating cost per barrel decreased to C$30.65 from C$33.40 in the prior-year period. This was backed by increased production volumes.
Furthermore, Syncrude’s cash operating costs per barrel decreased to C$31.45 from C$33 in the same quarter last year. This decrease was mainly backed by decreased maintenance costs.
The oil sands base upgrader operated at 106% capacity and Syncrude achieved a record 98%, compared with 94% and 104%, respectively, in the prior-year quarter. This was primarily due to decreased maintenance activities in the current period, and the benefit of excellent upgrader reliability and improved execution of maintenance activities, including the early completion of the Upgrader 1 coke drum replacement project.
Downstream: Refining and Marketing adjusted operating earnings for the third quarter of 2025 were C$894 million, up from C$484 million in the same quarter last year. The increase in adjusted operating earnings was mainly fueled by higher benchmark crack spreads, a first-in, first-out inventory valuation gain in the third quarter of 2025, compared to a loss in the prior-year quarter, and record refinery production and sales volumes.
Refined product sales totaled 646,800 bpd, up from the prior-year quarter’s level of 612,300 bpd. This growth was driven by higher refinery production, increased investment in retail expansion and strategic partnerships, as well as the company’s extensive domestic sales network and export channels.
Refinery crude throughput totaled 491,700 bpd compared with 487,600 bpd in the year-ago period. Additionally, the number beat the consensus estimate of 458,000 bpd.
Refinery utilization was 106% compared with 105% a year ago. This increase in refinery crude throughput was driven by continued strong operating performance and reliability through the current quarter.
SU’s Financial Position
Total expenses increased 0.8% to C$10.5 billion from the prior-year quarter. Operating, selling and general expenses increased to C$3.3 billion in the third quarter of 2025, compared with C$3.1 billion in the prior-year quarter due to increased share-based compensation expense, the impacts of higher production and sales volumes, as well as higher commodity input costs.
Cash flow from operating activities amounted to C$3.8 billion, down from the prior-year quarter’s level of C$4.3 billion. Suncor Energy incurred capital expenditures worth C$1.4 billion in the third quarter of 2025.
As of Sept. 30, 2025, the company had cash and cash equivalents of C$2.9 billion and long-term debt of C$8.6 billion. Its debt-to-capitalization was 16%.
2025 Guidance of Suncor Energy
Other guidance remains unchanged as before. On Nov. 4, 2025, SU issued updated guidance for 2025 by increasing upstream production volumes from 810,000-840,000 bbls/d to 845,000-855,000 bbls/d. The 2025 refinery throughput guidance has been increased from 435,000-450,000 bbls/d to a range of 470,000 to 475,000 bbls/d. The company expects its refinery utilization to increase from 93%-97% to 101%-102%. Suncor Energy further expects its refined product sales to increase from 555,000-585,000 bbls/d to 610,000-620,000 bbls/d. The business environment has also been adjusted by the company to reflect the current business environment.
SU currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Important Energy Earnings So Far
While we have discussed Suncor Energy’s third-quarter results in detail, let us take a look at some other key energy reports of this season.
San Antonio-based Valero Energy Corporation VLO, a leading independent refiner and marketer of transportation fuels and petrochemical products, reported third-quarter 2025 adjusted earnings of $3.66 per share, which beat the Zacks Consensus Estimate of $2.95. The bottom line improved from the year-ago quarter’s level of $1.16 per share. Better-than-expected quarterly results can be primarily attributed to an increase in refining margins, higher ethanol margins and lower total cost of sales.
The company had cash and cash equivalents of $4.8 billion at the end of the third quarter. As of Sept. 30, 2025, it had a total debt of $8.4 billion and finance-lease obligations of $2.2 billion.
Switzerland-based offshore drilling company Transocean Ltd. RIG reported third-quarter 2025 adjusted earnings of 6 cents per share, beating the Zacks Consensus Estimate of 4 cents. The bottom line also improved from the year-ago period’s breakeven earnings. This improvement can be attributed to a strong third-quarter result from the company's segments.
RIG’s total adjusted revenues of $1 billion beat the Zacks Consensus Estimate by $21 million. The top line also increased 8.4% from the prior-year figure of $948 million. This was fueled by higher revenues associated with improved rig utilization, improved revenue efficiency and an increase in day rate for one rig. Ultra-deepwater and harsh environment revenues beat the consensus mark of $684 million and $265 million, respectively.
The oil and gas drilling company spent $11 million on capital investments in the third quarter. Cash provided by operating activities was $246 million. Cash and cash equivalents were $833 million as of Sept. 30, 2025. Long-term debt amounted to $4.8 billion, with a debt-to-capitalization of 37.5% as of the same period.
The Calgary-based integrated oil and gas company, Imperial Oil Limited IMO, reported third-quarter 2025 adjusted earnings per share of $1.57, which beat the Zacks Consensus Estimate of $1.44. However, the bottom line decreased from the year-ago quarter’s $1.71. This decrease was due to lower upstream price realizations, partly offset by higher production volumes.
Revenues of $8.8 billion missed the Zacks Consensus Estimate of $11.1 billion. The top line also decreased from the year-ago quarter’s level of $9.7 billion due to weak performance in both the Upstream and Downstream segments.
As of Sept. 30, Imperial Oil had cash and cash equivalents of C$1.9 billion. Total debt of the company amounted to C$4 billion, with a debt-to-capitalization of 14.4%.
Zacks Names #1 Semiconductor Stock
This under-the-radar company specializes in semiconductor products that titans like NVIDIA don't build. It's uniquely positioned to take advantage of the next growth stage of this market. And it's just beginning to enter the spotlight, which is exactly where you want to be.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $971 billion by 2028.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Suncor Energy Q3 Earnings & Revenues Beat Estimates, Both Down Y/Y

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Suncor Energy Q3 25 Earnings Conference Call At 9:30 AM ET

(RTTNews) - Suncor Energy Inc. (SU) reported earnings for third quarter that Dropped, from last year but beat the Street estimates.
The company's bottom line totaled $1.619 billion, or $1.34 per share. This compares with $2.020 billion, or $1.59 per share, last year.
Analysts on average had expected the company to earn $0.95 per share. Analysts' estimates typically exclude special items.
The company's revenue for the period fell 3.0% to $12.667 billion from $13.062 billion last year.
Suncor Energy Inc. earnings at a glance (GAAP) :
-Earnings: $1.619 Bln. vs. $2.020 Bln. last year. -EPS: $1.34 vs. $1.59 last year. -Revenue: $12.667 Bln vs. $13.062 Bln last year.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Suncor Energy Inc. Reports Decline In Q3 Profit, But Beats Estimates

The following companies are expected to report earnings after hours on 11/04/2025. Visit our Earnings Calendar for a full list of expected earnings releases.
Advanced Micro Devices, Inc. (AMD)is reporting for the quarter ending September 30, 2025. The computer company's consensus earnings per share forecast from the 13 analysts that follow the stock is $0.97. This value represents a 27.63% increase compared to the same quarter last year. AMD missed the consensus earnings per share in the 2nd calendar quarter of 2025 by -3.57%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for AMD is 82.69 vs. an industry ratio of 30.30, implying that they will have a higher earnings growth than their competitors in the same industry.
Arista Networks, Inc. (ANET)is reporting for the quarter ending September 30, 2025. The internet software company's consensus earnings per share forecast from the 5 analysts that follow the stock is $0.65. This value represents a 14.04% increase compared to the same quarter last year. In the past year ANET has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 11.67%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for ANET is 61.32 vs. an industry ratio of 27.90, implying that they will have a higher earnings growth than their competitors in the same industry.
Amgen Inc. (AMGN)is reporting for the quarter ending September 30, 2025. The biomedical (gene) company's consensus earnings per share forecast from the 12 analysts that follow the stock is $5.00. This value represents a 10.39% decrease compared to the same quarter last year. In the past year AMGN has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 14.45%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for AMGN is 14.06 vs. an industry ratio of -1.90, implying that they will have a higher earnings growth than their competitors in the same industry.
Aflac Incorporated (AFL)is reporting for the quarter ending September 30, 2025. The insurance company's consensus earnings per share forecast from the 6 analysts that follow the stock is $1.80. This value represents a 16.67% decrease compared to the same quarter last year. Zacks Investment Research reports that the 2025 Price to Earnings ratio for AFL is 15.48 vs. an industry ratio of 29.60.
Axon Enterprise, Inc. (AXON)is reporting for the quarter ending September 30, 2025. The aerospace and defense company's consensus earnings per share forecast from the 6 analysts that follow the stock is $0.07. This value represents a 83.33% decrease compared to the same quarter last year. Zacks Investment Research reports that the 2025 Price to Earnings ratio for AXON is 804.56 vs. an industry ratio of 60.80, implying that they will have a higher earnings growth than their competitors in the same industry.
Coupang, Inc. (CPNG)is reporting for the quarter ending September 30, 2025. The internet company's consensus earnings per share forecast from the 2 analysts that follow the stock is $0.04. This value represents a 33.33% decrease compared to the same quarter last year. CPNG missed the consensus earnings per share in the 2nd calendar quarter of 2025 by -71.43%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for CPNG is 188.12 vs. an industry ratio of 15.40, implying that they will have a higher earnings growth than their competitors in the same industry.
Suncor Energy Inc. (SU)is reporting for the quarter ending September 30, 2025. The oil company's consensus earnings per share forecast from the 2 analysts that follow the stock is $0.85. This value represents a 21.30% decrease compared to the same quarter last year. In the past year SU has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 2%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for SU is 13.95 vs. an industry ratio of 12.10, implying that they will have a higher earnings growth than their competitors in the same industry.
American International Group, Inc. (AIG)is reporting for the quarter ending September 30, 2025. The insurance company's consensus earnings per share forecast from the 6 analysts that follow the stock is $1.68. This value represents a 36.59% increase compared to the same quarter last year. In the past year AIG has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 14.56%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for AIG is 12.19 vs. an industry ratio of 8.50, implying that they will have a higher earnings growth than their competitors in the same industry.
Corteva, Inc. (CTVA)is reporting for the quarter ending September 30, 2025. The agriculture company's consensus earnings per share forecast from the 7 analysts that follow the stock is $-0.49. This value represents a no change for the same quarter last year. Zacks Investment Research reports that the 2025 Price to Earnings ratio for CTVA is 19.33 vs. an industry ratio of -0.60, implying that they will have a higher earnings growth than their competitors in the same industry.
Live Nation Entertainment, Inc. (LYV)is reporting for the quarter ending September 30, 2025. The movie/tv production company's consensus earnings per share forecast from the 8 analysts that follow the stock is $1.21. This value represents a 27.11% decrease compared to the same quarter last year. LYV missed the consensus earnings per share in the 2nd calendar quarter of 2025 by -59.41%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for LYV is 365.46 vs. an industry ratio of 51.70, implying that they will have a higher earnings growth than their competitors in the same industry.
Astera Labs, Inc. (ALAB)is reporting for the quarter ending September 30, 2025. The internet software company's consensus earnings per share forecast from the 6 analysts that follow the stock is $0.22. This value represents a 650.00% increase compared to the same quarter last year. In the past year ALAB has met analyst expectations once and beat the expectations the other three quarters. Zacks Investment Research reports that the 2025 Price to Earnings ratio for ALAB is 228.05 vs. an industry ratio of 27.90, implying that they will have a higher earnings growth than their competitors in the same industry.
Super Micro Computer, Inc. (SMCI)is reporting for the quarter ending September 30, 2025. The computer storage company's consensus earnings per share forecast from the 3 analysts that follow the stock is $0.19. This value represents a 71.64% decrease compared to the same quarter last year. The last two quarters SMCI had negative earnings surprises; the latest report they missed by -11.43%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for SMCI is 23.83 vs. an industry ratio of 31.90.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

After-Hours Earnings Report for November 4, 2025 : AMD, ANET, AMGN, AFL, AXON, CPNG, SU, AIG, CTVA, LYV, ALAB, SMCI

Looking at the universe of stocks we cover at Dividend Channel, on 9/4/25, Newmont Corp (Symbol: NEM), Suncor Energy Inc (Symbol: SU), and Halliburton Company (Symbol: HAL) will all trade ex-dividend for their respective upcoming dividends. Newmont Corp will pay its quarterly dividend of $0.25 on 9/29/25, Suncor Energy Inc will pay its quarterly dividend of $0.57 on 9/25/25, and Halliburton Company will pay its quarterly dividend of $0.17 on 9/24/25. As a percentage of NEM's recent stock price of $74.47, this dividend works out to approximately 0.34%, so look for shares of Newmont Corp to trade 0.34% lower — all else being equal — when NEM shares open for trading on 9/4/25. Similarly, investors should look for SU to open 1.38% lower in price and for HAL to open 0.75% lower, all else being equal.
Below are dividend history charts for NEM, SU, and HAL, showing historical dividends prior to the most recent ones declared.
Newmont Corp (Symbol: NEM):
Suncor Energy Inc (Symbol: SU):
Halliburton Company (Symbol: HAL):
In general, dividends are not always predictable, following the ups and downs of company profits over time. Therefore, a good first due diligence step in forming an expectation of annual yield going forward, is looking at the history above, for a sense of stability over time. This can help in judging whether the most recent dividends from these companies are likely to continue. If they do continue, the current estimated yields on annualized basis would be 1.34% for Newmont Corp, 5.51% for Suncor Energy Inc, and 2.99% for Halliburton Company.
Free Report: Top 8%+ Dividends (paid monthly)
In Tuesday trading, Newmont Corp shares are currently up about 2.1%, Suncor Energy Inc shares are off about 0.6%, and Halliburton Company shares are up about 0.6% on the day.
Click here to learn which 25 S.A.F.E. dividend stocks should be on your radar screen »
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Ex-Dividend Reminder: Newmont, Suncor Energy and Halliburton

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the SPDR EURO STOXX 50 ETF (Symbol: FEZ) where we have detected an approximate $286.0 million dollar outflow -- that's a 5.9% decrease week over week (from 80,650,967 to 75,900,967). Among the largest underlying components of FEZ, in trading today Autoliv Inc (Symbol: ALV) is up about 1.1%, Suncor Energy Inc (Symbol: SU) is off about 0.9%, and Moelis & Company Class A (Symbol: MC) is up by about 0.5%. For a complete list of holdings, visit the FEZ Holdings page » The chart below shows the one year price performance of FEZ, versus its 200 day moving average:
Looking at the chart above, FEZ's low point in its 52 week range is $47.365 per share, with $61.50 as the 52 week high point — that compares with a last trade of $60.14. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy ETF Outflows: FEZ, ALV, SU, MC

Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the SPDR S&P Global Natural Resources ETF (Symbol: GNR), we found that the implied analyst target price for the ETF based upon its underlying holdings is $61.02 per unit.
With GNR trading at a recent price near $55.72 per unit, that means that analysts see 9.51% upside for this ETF looking through to the average analyst targets of the underlying holdings. Three of GNR's underlying holdings with notable upside to their analyst target prices are Suncor Energy Inc (Symbol: SU), Agnico Eagle Mines Ltd (Symbol: AEM), and Equinor ASA (Symbol: EQNR). Although SU has traded at a recent price of $38.36/share, the average analyst target is 16.30% higher at $44.61/share. Similarly, AEM has 12.00% upside from the recent share price of $130.23 if the average analyst target price of $145.85/share is reached, and analysts on average are expecting EQNR to reach a target price of $26.68/share, which is 11.86% above the recent price of $23.85. Below is a twelve month price history chart comparing the stock performance of SU, AEM, and EQNR:
Below is a summary table of the current analyst target prices discussed above:
Name
Symbol
Recent Price
Avg. Analyst 12-Mo. Target
% Upside to Target
Suncor Energy Inc
SU
$38.36
$44.61
16.30%
Agnico Eagle Mines Ltd
AEM
$130.23
$145.85
12.00%
Equinor ASA
EQNR
$23.85
$26.68
11.86%
Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Do the analysts have a valid justification for their targets, or are they behind the curve on recent company and industry developments? A high price target relative to a stock's trading price can reflect optimism about the future, but can also be a precursor to target price downgrades if the targets were a relic of the past. These are questions that require further investor research.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Suncor Energy Inc.

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